Outlook 2024: Middle East to continue making headlines in 2024
Especially in the products market, the Middle East is set to achieve significant growth
After the oil price crash of late 2014, the Middle East’s oil demand growth stalled, with a contraction of approximately 450k b/d between 2014 and 2018. This trend reversed in 2019, but was significantly offset by a 9% year-on-year contraction in 2020 due to the Covid-19 pandemic. By 2022, Middle East oil demand not only recovered to 2019 levels but also exceeded them by over 320k b/d, nearly compensating for the demand loss observed since 2014. In 2023, the Middle East is set to achieve over 2% annual growth in total oil demand, reaching a record high of 7.4m b/d. The primary reason behind the stagnation of oil demand growth in the Mi
Also in this section
3 October 2024
The formation’s gas-to-oil ratio is set to keep rising, but new markets and midstream plans mean infrastructure constraints may not be an issue
2 October 2024
Geopolitical strife embroiling Iran and political corruption in Venezuela suggest little near-term change to oil production from either of the sanctioned states
1 October 2024
Our look into Petroleum Economist's archives continues with October 1960 coverage of another key moment in the history of oil and gas: the founding of OPEC
1 October 2024
In an age of ‘poly crisis’ and ‘radical uncertainty’ the only thing we can say about the future is that it will not be business as usual
